Petroleum Jelly Market to Hit US$ 723.65 Million By 2030 | Research Report

New York, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The global Petroleum Jelly Market is expected to witness significant growth at a remarkable CAGR of 4.9% during the forecast period of 2023-2030. The Factors such as the increasing adoption of petroleum jelly across the cosmetic & personal care industry, the rising demand for lubricants and greases, and others are accelerating the demand for petroleum jelly, which, in turn, is boosting the market growth. In addition, the growing application of petroleum jelly as a battery corrosion inhibitor will further boost the market growth during the forecast period.

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According to a recent report by Consegic Business Intelligence, the petroleum jelly market is poised for strong expansion and is expected to reach USD 723.65 Million by 2030. The market, which was valued at USD 498.00 Million in 2022, is predicted to grow at a compound annual growth rate of 4.9% during the period 2023-2030. The report highlights the increasing adoption of petroleum jelly across the cosmetic & personal care industry, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the petroleum jelly market.

Petroleum Jelly, also known as Petrolatum, is a by-product of petroleum refining. It comprises hydrocarbons and is refined to form an odorless, colorless, semi-solid product. Petroleum jelly is widely used in cosmetics & personal care products owing to its unique moisturizing ability and longer shelf life. It is mainly available in industrial, medical, and cosmetic grades. Industrial grade petroleum jelly is majorly used as a lubricant in various industries, as a corrosion inhibitor for metals, and as an anti-fatigue for machinery. Medical grade petroleum jelly is used in creams & ointments for protecting and healing dry skin. It can also be used for protection against minor cuts and burns. Cosmetic grade petroleum jelly is used in the formulation of skin & hair care products, hair grooming, and skin lubrication purposes.

Global Petroleum Jelly Market: Report Attributes

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Global Petroleum Jelly Market Segmentation Details:

Based on Grade, cosmetic grade segment contributed the largest shares to the market growth in 2022. The prominent benefits of cosmetic grade petroleum jelly include dry skin curing properties, owing to which it is used in skin & hair care, hair grooming, moisture loss, skin lubrication, and other applications. Thus, due to the above benefits, the adoption of cosmetic grade petroleum jelly is increasing in the cosmetics industry, thereby fueling market growth.   

Based on Type, the yellow petroleum jelly segment accounted for the highest share of the overall petroleum jelly market in 2022. Yellow petroleum jelly is widely used in the formulation of skin & hair care products owing to excellent hydrating characteristics and good emollient properties. This is a key factor driving the market growth of the product across the segment.

Based on Application, the cosmetic ingredient segment dominated the overall petroleum jelly market in 2022. Petroleum Jelly is used in the formulation of various products such as skin lotions, hair conditioners, and creams. The growing utilization of petroleum jelly as a cosmetic ingredient in skincare and haircare products is driving the market growth of the product across the segment.

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Based on End-use Industry, the cosmetics & personal care segment accounted for the highest share of the petroleum jelly market in 2022. The growing cosmetics & personal care industry globally is propelling the demand for petroleum jelly as an ingredient in skincare and haircare products, driving market growth across the segment.

Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the increasing consumption of cosmetics & personal care products across the region. For instance, according to a report by Loreal, the North Asia cosmetics & beauty market was valued at around USD 86.71 billion in 2022. Thus, the growing demand for cosmetics & personal care products across the Asia Pacific region is proliferating the market growth of petroleum jelly.

Competitive Landscape

Sasol, Eastern Petroleum, Unilever, and Repsol are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of petroleum jellies. Further, the petroleum jelly market is expected to grow steadily due to rising demand for cosmetics & personal care products, especially in regions such as the Asia Pacific, North America, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing utilization of petroleum jelly as corrosion inhibitor in battery terminals is expected to increase the competition in the industry.

Recent Developments

• In February 2019, Holly Frontier Corporation acquired Sonneborn, a leading manufacturer of petroleum jelly for consumer and industrial markets.

Key Market Takeaways

• Asia Pacific accounted for the highest market share at 35.70% and was valued at USD 177.78 million in 2022 and is expected to reach USD 259.72 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 23.20% during the base year of 2022.
• Based on grade, the cosmetic grade segment accounted for the highest share contribution to the petroleum jelly market statistics in 2022.
• In the context of type, the yellow petroleum jelly segment is expected to contribute significant shares to the growth of the petroleum jelly market statistics during the forecast period.
• According to application, the cosmetic ingredient segment dominated the petroleum jelly market statistics in 2022.
• Based on end-use industry, the cosmetics & personal care segment accounted for the highest market share of the petroleum jelly market in 2022.
• North America is expected to boost the market demand for petroleum jelly due to the growing rubber & plastics industry across the region.

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List of Major Global Petroleum Jelly Market:

• Sasol
• Eastern Petroleum
• LODHA Petro
• APAR Industries
• Sun Chem Private Limited
• Adinath Chemicals
• Unisynth Group
• Unilever
• Gandhar Oil Refinery (India) Limited.
• Repsol
• Lubricon
• Sonneborn LLC (part of HollyFrontier)

Global Petroleum Jelly Market Segmentation: 

• By Grade
  • Industrial
  • Medical
  • Cosmetic
• By Type
  • White Petroleum Jelly
  • Yellow Petroleum Jelly
  • Others
• By Application
  • Cosmetic Ingredient
  • Creams & Ointments
  • Anti-rusting Agent
  • Plasticizer
  • Food Processing
  • Others
• By End-use Industry
  • Cosmetics & Personal Care
  • Pharmaceutical
  • Food & Beverage
  • Rubber & Plastic
  • Automotive
  • Others

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Frequently Asked Questions in the Petroleum Jelly Market Report

• What was the market size of the petroleum jelly industry in 2022?
  • In 2022, the market size of petroleum jelly was USD 498.00 million.
• What will be the potential market valuation for the petroleum jelly industry by 2030?
  • In 2030, the market size of petroleum jelly will be expected to reach USD 723.65 million.
• What are the key factors driving the growth of the petroleum jelly market?
  • The growing adoption of petroleum jelly across the cosmetic & personal care industry, thereby fueling market growth at the global level.
• What is the dominating segment in the petroleum jelly market by grade?
  • In 2022, the cosmetic grade segment accounted for the highest market share of 39.35% in the overall petroleum jelly market.
• Based on current market trends and future predictions, which geographical region is the dominating region in the petroleum jelly market?
  • Asia Pacific accounted for the highest market share in the overall petroleum jelly market.

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